QUOTE(ed1torz @ Jun 15 2015, 05:00 PM)
I assume this doesn't concern landed property and how this affect recently launch high rise property?
Why you say so?Strata act 757
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Jun 17 2015, 04:09 PM
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10,507 posts Joined: Jan 2003 From: Atlanta |
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Jun 18 2015, 01:54 PM
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QUOTE(aurora97 @ Jun 18 2015, 10:19 AM) I assume this doesn't concern landed property and how this affect recently launch high rise property? Now a days landed also come with strataDefinitely doesn’t concern landed property because of the words “strata”, it concerns stratified property…example condominium. Just check your title if you want to be absolutely certain. How does it affect recently launch high rise property…? Good question, if you have participated in a JMB or MC as a management committee, you will know that act 663 and COB are just toothless tigers. This resulted in a lot of disputes ranging from un-recovered outstanding maintenance fees, phantom voters during JMB or MC meetings and also abuse by JMB or MC members who run the management like their own business. From what I have picking up so far, a lot of issues in relation to internal aspects of the management has been overhauled, also I see there is a tribunal (possibly JMB/MC, owner or both can bring an action against each other), ability to form “Subsidiary” Management Company, how meetings are held and votes are cast etc… |
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Jun 18 2015, 02:49 PM
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QUOTE(cherroy @ Jun 18 2015, 02:45 PM) Majority of G&G properties and particularly come with common facilities, like swimming pool etc are stratified property nowadays. The contribution of of maintenance fund is via DMC, right?As to take care of common properties, facilities like swimming pool, play ground etc, you need strata management act to govern it, so that every owner contribute to maintenance fund. |
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Jun 18 2015, 03:28 PM
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QUOTE(cherroy @ Jun 18 2015, 03:16 PM) DMC is needed because last time when property being VC time, the property has no strata title yet, so DMC is the agreement that developer can ensure unit owner to pay the maintenance fee. Ya, that makes sense.Once the strata title is out and Management Corporation is formed, then we have Strata Management act to govern that unit owner must pay their respective maintenance fee. The need of contribution of maintenance fund is stated clearly in the Strata Management act. So if future property being delivered with strata title in place, may be DMC is not needed, all follow the Strata Management act straight away. I am not lawyer, correct me if I am wrong. |
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